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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net income $ 201,936 $ 185,445
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 36,590 25,462
Provision for credit loss expense 68,030 38,337
Gain on sale of investments (54,790) (12,937)
Net accretion of investment securities and assets (43,286) (35,272)
Net amortization on borrowings 406 273
Stock-based compensation expense 10,750 9,316
Gain on sale of premises and equipment, net of impairment (33) 0
Gain on sale of foreclosed assets held for sale (475) (16)
Gain on sale of mortgage loans held for sale (28,994) (14,196)
Loss on sale of loans 0 4,451
Gain on sale of Visa, Inc. class B common stock 0 (42,860)
Gain on sale of other intangibles (301) 0
Gain on sale of branches (8,094) 0
Fair value write-down of closed branches 1,465 0
Deferred income taxes 2,920 10,933
Income from bank owned life insurance (4,983) (3,438)
Originations of mortgage loans held for sale (851,356) (499,178)
Proceeds from sale of mortgage loans held for sale 745,723 490,674
Changes in assets and liabilities:    
Interest receivable (15,601) (679)
Lease right-of-use assets 8,147 (1,370)
Other assets (7,009) 13,325
Accrued interest and other liabilities 35,549 10,881
Income taxes payable (20,206) 18,722
Net cash provided by operating activities 76,388 197,873
INVESTING ACTIVITIES    
Net collections (originations) of loans 243,826 (299,013)
Proceeds from sale of loans 32,742 104,587
Decrease in due from banks - time 493 395
Purchases of premises and equipment, net (22,697) (37,523)
Proceeds from sale of premises and equipment 123 0
Proceeds from sale of foreclosed assets held for sale 9,705 16,139
Proceeds from sale of available-for-sale securities 1,717,364 543,400
Proceeds from maturities of available-for-sale securities 2,218,259 412,006
Purchases of available-for-sale securities (3,169,534) (592,165)
Proceeds from maturities of held-to-maturity securities 10,520 29,179
Purchases of held-to-maturity securities (16,997) 0
Proceeds from bank owned life insurance death benefits 1,425 1,310
Disposition of assets and liabilities held for sale 181,271 1,245
Purchase of Reliance Bancshares, Inc. 0 (37,017)
Net cash provided by investing activities 1,206,500 142,543
FINANCING ACTIVITIES    
Net change in deposits 191,714 (156,010)
Repayments of subordinated debentures (5,927) 0
Dividends paid on preferred stock (39) (326)
Dividends paid on common stock (56,141) (45,722)
Net change in other borrowed funds 45,170 (404,455)
Net change in federal funds purchased and securities sold under agreements to repurchase 163,549 6,598
Net shares cancelled under stock compensation plans (3,355) (3,301)
Shares issued under employee stock purchase plan 956 1,312
Retirement of preferred stock 0 (42,000)
Repurchases of common stock (93,307) 0
Net cash provided by (used in) financing activities 242,620 (643,904)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,525,508 (303,488)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 996,623 833,458
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,522,131 $ 529,970